Bank of America is now processing HAFA (Home Affordable Foreclosure Alternatives) short sales on Equator’s web platform. Fannie Mae and Freddie Mac have announced that they will start the HAFA program as of August 1st. and BofA’s has a stated goal of increasing short sales this year. The use of the Equator system for HAFA transactions should make short sales easier and faster.
This applies to all new applicants obtaining a real estate license. We highly encourage prospective licensees to obtain their fingerprints and mail in their applications prior to starting class. Fingerprint clearance cards may take 5 – 8 weeks to process. This will speed up the process and enable them to be licensed shortly after completing our class and passing the state examination.
As of October 1, 2010, only a Fingerprint clearance card from the Department of Public Safety will be required by ADRE at the time of license application by new applicants. Disclosures will still be required on the application for licensure.
To obtain a Fingerprint clearance card an individual needs to do the following:
• Obtain a regular fingerprint card, and be fingerprinted. We will continue to have fingerprinters come to our school on a regular basis to fingerprint students.
• Obtain a Fingerprint card application from Hogan School
• Complete the application packet thoroughly and accurately. Enclose the Fingerprint clearance fee of $69.00 by cashier’s check, money order or check (payable to AZ Department of Public Safety) drawn on a business account.
• Mail the fingerprint card, the application packet, and the check, in a large envelope with sufficient postage and return address (in the top left corner of the envelope) to: Arizona Department of Public Safety, P O Box 18390, Phoenix, AZ 85005-8390.
• Processing time averages five to eight weeks, depending on whether or not there is a criminal record. Fingerprints will be used to obtain both state and federal criminal records check.
• Fingerprint clearance card is valid for six years.
• Fingerprint clearance precluding offenses may be found by visiting the State website: www.azleg.gov and view A.R.S. 41-1758.03.
• Fingerprint clearance card denials may be appealed through the Fingerprint clearance appeal board.
Should you have any questions, please feel free to call our office, Hogan School of Real Estate, at 327-6849 or 800-794-1390.
Effective July 1, 2010 the Arizona Salesperson and Broker licensing Exam will be administered by Pearson VUE. As of June 22, 2010, Pearson VUE will start accepting examination registrations at 1-888-405-5776. Candidate Handbook available online at http://www.pearsonvue.com/az/realestate
As of October 1, 2010, only a fingerprint clearance card from the Department of Public Safety will be required by ADRE at the time of license application.
License renewals issued after July 29, 1010 will be for a two year license period. The license renewal fees remain the same. Effective July 1, 2010, the ADRE computer system will automatically change the renewal period from 4 to 2 years.
We’ve been waiting for this news. Fannie Mae and Freddie Mac have announced they will join in the Treasury’s HAFA (Home Affordable Foreclosure Alternatives) program with some modifications. These programs allow short sales to be pre-approved for eligible borrowers.
The US Treasury’s HAFA program became effective on April 1st and is now showing signs of success.
The eligibility criteria are:
• Personal residence
• 1st mortgage originated prior to 1-1-09
• $729,750 balance or less
• Financial hardship
• Delinquent or default reasonably foreseeable
• Monthly payment exceeds 31% of gross income
Until now the HAFA program was not available for Fannie or Freddie loans.
On June 1st Fannie and Freddie announced they will be participating in HAFA but the eligibility criteria are somewhat different. The government directives are quite lengthy and it will take a little time for me to decipher them. I will post more info as I learn it. These programs go into effect on August 1st so all real estate pros need to get up to speed.
Every real estate agent who has or is about to take a short sale listing should determine if the seller is eligible for one of the HAFA pre-approved short sale programs.
The HAFA Directives and HAFA course offerings are available on Hogan School’s web site
Fannie Mae HAFA: Fannie Mae HAFA Bulletin
SB1219 Real Estate Licensees – Effective July 29, 2010
- Four year real estate license period will become two year license period.
- A Criminal Clearance Card will be required at time of licensing (instead of fingerprint card).
- Business Broker license requirement is further defined.
- Licensee may cancel their real estate license.
- A licensee may surrender their real estate license prior to hearing on an investigation, with the understanding that they could never have an Arizona Real Estate license again.
SB1136 – Subdividers: public reports: Internet advertisement – effective July 29, 2010.
- Requires a subdivider to include a disclosure stating that a public report in available on the ADRE’s website in a print advertisement in a magazine or newspaper or on an internet advertisement, which advertises a specific lot or parcel.
- Requires the disclosure to state, “a public report is available at the State Real Estate Department’s website.”
- Makes technical and conforming changes.
